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WRAP TECHNOLOGIES, INC.
WRAPCIK 0001702924NasdaqNon-AcceleratedSmaller ReportingOrdnance & Accessories, (No Vehicles/Guided Missiles)DelawareFY ends Dec 31
Period
FY 2025
Revenue
$4.67M
Net Income
$-10.34M
Total Assets
$15.42M
Equity
$11.49M
Shares Out
55.50M
Op. Cash Flow
$-10.29M
Business
WRAP TECHNOLOGIES, INC. is a public safety technology and services company that develops and sells non-lethal policing solutions and immersive training for law enforcement and security personnel. Its main products and services include the BolaWrap remote restraint device, the Wrap Reality virtual reality training platform, and Wrap Intrensic body-worn cameras with digital evidence management. The company operates through product, training, and digital evidence management offerings and maintains sales, demonstration, training, and customer success functions. It sells primarily to U.S. federal, state, and local law enforcement, international police forces, correctional facilities, private security firms, and through a network of domestic and international distributors.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total revenues, gross | 5 | 5 | — | — | — | |
| Sales returns and allowances | −531,000 | 0 | — | — | — | |
| Total revenues, net | 5 | 5 | 6 | 8 | 8 | |
| Cost of revenues | 2 | 2 | 3 | 4 | 6 | |
| Gross profit | 3 | 2 | 3 | 4 | 2 | |
| Selling, general and administrative | 16 | 16 | 18 | 16 | 20 | |
| Research and development | 56,000 | 2 | 3 | 5 | 6 | |
| Total operating expenses | 16 | 18 | 22 | 21 | 26 | |
| Loss from operations | −13 | −16 | −19 | −18 | −24 | |
| Interest Income | 7,000 | 156,000 | 375,000 | 52,000 | 31,000 | |
| Change in fair value of warranty liabilities | 3 | 10 | −12 | 0 | — | |
| Other | −15,000 | −36,000 | 113,000 | 61,000 | 15,000 | |
| Total other income / (expense), net | 3 | 10 | −11 | 113,000 | 46,000 | |
| Net loss | −10 | −6 | −30 | −18 | −24 | |
| Less: Convertible preferred stock dividends | −903,000 | −1 | −392,000 | 0 | — | |
| Net loss attributable to common stockholders | −11 | −7 | −31 | −18 | — | |
| Net loss per basic share of Common Stock (in Dollars per share) | −0.22 | −0.16 | −0.72 | −0.43 | −0.62 | |
| Net loss per diluted share of Common Stock (in Dollars per share) | −0.22 | −0.16 | −0.72 | — | — | |
| Weighted average shares of Common Stock used to compute net loss per basic shares of Common Stock (in Shares) | 50 | 46 | 42 | 41 | 39 | |
| Weighted average shares of Common Stock used to compute net loss per diluted shares of Common Stock (in Shares) | 50 | 46 | 42 | — | — | |
| Comprehensive loss | −10 | −6 | −31 | −18 | −24 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2022 2022-09-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 3 | 4 | 4 | 5 | — | |
| Accounts receivable and contract assets | 3 | 513,000 | 3 | 3 | — | |
| Inventories, net | 5 | 6 | 6 | 4 | 4 | |
| Prepaid expenses and other current assets | 194,000 | 178,000 | 953,000 | 775,000 | — | |
| Total current assets | 11 | 10 | 21 | 27 | — | |
| Property and equipment, net | 123,000 | 146,000 | 509,000 | 758,000 | — | |
| Operating lease right-of-use asset, net | 2 | 2 | 2 | 285,000 | — | |
| Intangible assets, net | 2 | 2 | 3 | 3 | — | |
| Other assets | 128,000 | 186,000 | 251,000 | 100,000 | — | |
| Total assets | 15 | 15 | 29 | 31 | — | |
| Accounts payable | 620,000 | 609,000 | 1 | 1 | — | |
| Accrued liabilities | 407,000 | 1 | 692,000 | 1 | — | |
| Customer deposits | 62,000 | 27,000 | 1 | 0 | — | |
| Deferred revenue- short term | 408,000 | 466,000 | 407,000 | 166,000 | — | |
| Operating lease liability - short term | 320,000 | 567,000 | 616,000 | 108,000 | — | |
| Warrants - short term | — | 10 | 20 | 0 | — | |
| Total current liabilities | 2 | 13 | 24 | 3 | — | |
| Deferred revenue- long term | 14,000 | 39,000 | 137,000 | 167,000 | — | |
| Operating lease liability - long term | 2 | 2 | 2 | 193,000 | — | |
| Total long-term liabilities | 2 | 2 | 2 | 360,000 | — | |
| Total liabilities | 4 | 15 | 25 | 4 | — | |
| Commitments and contingencies (Note 11) | — | — | — | — | — | |
| Preferred Stock | 0 | 0 | — | 0 | — | |
| Common stock - 200,000,000 authorized; par value $0.0001 per share; 51,733,217 and 47,101,631 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 5,000 | 5,000 | 4,000 | 4,000 | — | |
| Additional paid-in capital | 128 | 105 | 101 | 94 | — | |
| Accumulated deficit | −116 | −105 | −98 | −67 | — | |
| Accumulated other comprehensive loss | 0 | 0 | — | 94,000 | — | |
| Total stockholders' equity | 11 | 250,000 | 3 | 27 | — | |
| Total liabilities and stockholders' equity | 15 | 15 | 29 | 31 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 594,000 | 827,000 | 823,000 | — | — | |
| Impairment of goodwill and intangibles | 588,000 | 2 | — | — | — | |
| Loss on disposition of assets | 10,000 | 0 | — | 0 | −27,000 | |
| Share-based compensation | 4 | 2 | 2 | 3 | 5 | |
| Warranty provision | −40,000 | 90,000 | 116,000 | 210,000 | 10,000 | |
| Non-cash lease expense | −211,000 | 292,000 | 177,000 | 101,000 | 88,000 | |
| Provision for credit losses | 117,000 | 66,000 | 180,000 | 72,000 | 123,000 | |
| Inventory obsolescence reserve | 36,000 | 15,000 | 465,000 | 0 | 0 | |
| Accounts receivable | −2 | 2 | −696,000 | 957,000 | −2 | |
| Inventories | 1 | −391,000 | −2 | −2 | 559,000 | |
| Prepaid expenses and other current assets | −16,000 | 775,000 | −179,000 | — | — | |
| Accounts payable | 11,000 | −441,000 | −617,000 | −360,000 | 546,000 | |
| Operating lease liabilities | 221,000 | −91,000 | −160,000 | −91,000 | −94,000 | |
| Customer deposits | 35,000 | −975,000 | 1 | −43,000 | 41,000 | |
| Accrued liabilities and other | −951,000 | 700,000 | −344,000 | — | — | |
| Warranty settlement | −13,000 | −79,000 | −169,000 | −181,000 | 38,000 | |
| Deferred revenue | −83,000 | −39,000 | 210,000 | 68,000 | 249,000 | |
| Other non-current assets | 58,000 | 63,000 | −151,000 | 0 | — | |
| Net cash used in operating activities | −10 | −8 | −17 | −15 | −18 | |
| Proceeds from maturities of short-term investments | 0 | 8 | 16 | 47 | 50 | |
| Capital expenditures for property and equipment | −100,000 | −12,000 | −230,000 | −256,000 | −995,000 | |
| Investment in patents, trademarks, and other intangibles | −287,000 | −156,000 | −393,000 | — | — | |
| Net cash paid for acquisition of Intrensic | 0 | −20,000 | −554,000 | 0 | — | |
| Net cash (used in) provided by investing activities | −387,000 | 7 | 5 | 15 | −7 | |
| Proceeds from exercise of stock options | 245,000 | 588,000 | 208,000 | 83,000 | 2 | |
| Proceeds from issuance of Series B convertible preferred stock | 5 | 0 | 10 | — | — | |
| Proceeds from issuance of warrants and common stock, net of offering costs | 6 | 0 | — | — | — | |
| Dividends settled in cash | 0 | −120,000 | −58,000 | 0 | — | |
| Net cash provided by financing activities | 11 | 468,000 | 10 | 83,000 | 13 | |
| Net decrease in cash and cash equivalents | −142,000 | −345,000 | −1 | — | — | |
| Reclassification of warrant liabilities to additional paid in capital | 12 | 0 | — | — | — | |
| Dividends on convertible preferred stock | −1 | −1 | −334,000 | — | — | |
| Dividends settled with common stock | 492,000 | 1 | 232,000 | — | — |
Filings
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